Terry Smith - Fundsmith 13F Activity & Position Changes (Q3 2020)

According to the SEC 13F filed on Nov 12, 2020, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2020. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2020, the filing reported:

New Buys - Colgate-Palmolive Company, Fortinet, Inc.

Increases - Automatic Data Processing, Inc., Becton, Dickinson and Company, Brown Forman Inc, Estee Lauder Companies, Inc. (T, Intuit Inc., and 13 more

Reductions - Check Point, IDEXX Laboratories, Inc., Meta Platforms, Inc., McCormick & Company, Incorporat, Microsoft Corporation, and 2 more

Complete Exits - None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2020	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+438,763	+6.8%	$965.26K	6,919,915
Q3 2020	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+98,915	+2.3%	$1.01M	4,340,972
Q3 2020	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+388,904	+3.9%	$772.31K	10,253,745
Q3 2020	CHKP Check Point	Check Point	Sell	-206,599	-38.2%	$40.28K	334,691
Q3 2020	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy - Position Entry	+107,251	-	$8.27K	107,251
Q3 2020	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+41,759	+0.6%	$1.48M	6,800,333
Q3 2020	FTNT Fortinet, Inc.	Fortinet, Inc.	Buy - Position Entry	+212,445	-	$25.03K	212,445
Q3 2020	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-7,896	-0.2%	$1.66M	4,232,815
Q3 2020	INTU Intuit Inc.	Intuit Inc.	Buy	+4,324	+0.1%	$1.50M	4,594,541
Q3 2020	IPGP IPG Photonics Corporation	IPG Photonics Corporation	Buy	+51,681	+9.0%	$106.48K	626,454
Q3 2020	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+6,119	+0.1%	$954.56K	6,411,610
Q3 2020	MAR Marriott International	Marriott International	Buy	+95,665	+52.0%	$25.88K	279,552
Q3 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-15,947	-0.2%	$1.68M	6,427,563
Q3 2020	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-1,483	-0.0%	$1.46M	7,542,095
Q3 2020	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-25,399	-0.2%	$2.51M	11,929,459
Q3 2020	NKE Nike, Inc.	Nike, Inc.	Buy	+508,364	+7.0%	$973.24K	7,752,398
Q3 2020	PAYC Paycom Software, Inc.	Paycom Software, Inc.	Buy	+18,868	+9.6%	$66.86K	214,794
Q3 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+123,478	+1.4%	$1.24M	8,911,181
Q3 2020	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+127,460	+0.7%	$1.46M	19,503,315
Q3 2020	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-29,503	-0.2%	$2.44M	12,359,311
Q3 2020	QLYS Qualys, Inc.	Qualys, Inc.	Buy	+189,908	+30.4%	$79.75K	813,720
Q3 2020	SABR Sabre Corporation	Sabre Corporation	Buy	+971,182	+10.6%	$66.12K	10,156,442
Q3 2020	SBUX Starbucks Corporation	Starbucks Corporation	Buy	+2,045,505	+24.5%	$892.04K	10,382,215
Q3 2020	SYK Stryker Corporation	Stryker Corporation	Buy	+72,591	+1.2%	$1.31M	6,277,138
Q3 2020	V Visa Inc.	Visa Inc.	Sell	-16,129	-0.3%	$1.23M	6,134,726
Q3 2020	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+68,824	+19.1%	$87.99K	429,518
Q3 2020	WAT Waters Corporation	Waters Corporation	Buy	+398,223	+10.2%	$839.86K	4,292,028